Mitie shares rise as reports first-quarter revenue growth

Tue, 22nd Jul 2025 09:28

(Alliance News) - Mitie Group PLC on Tuesday said it remained on track to deliver its strategic plan, as it celebrated "strong" trading momentum with double digit revenue growth.

The Shard, London-based engineering, security, cleaning and hygiene services provider said revenue climbed 10% to GBP1.28 billion in the first quarter of 2025, from GBP1.16 billion a year prior, boosted by net wins and scope increases, projects growth and pricing.

Mitie highlighted "notable" new wins such as integrated facility management contracts for Aviva PLC and Hull University Teaching Hospitals NHS Trust, as well as Immigration services for the UK Home Office.

Chief Executive Officer Phil Bentley said: "With today's strong update, we remain on track to deliver our ambitious strategic plan, pivoting Mitie from being the UK leader in facilities management to the leader in technology and project-led facilities transformation and, with the acquisition of Marlowe, a leader in facilities compliance."

CEO Bentley added that the acquisition of London-based software firm Marlowe PLC is a key step in its strategic plan. Mitie expects the takeover to close on August 4.

At the beginning of June, Marlowe said it had agreed to a takeover proposal from Mitie. The offer is for an implied 466p per Marlowe share, based on the closing share price the day before the offer was announced. This values Marlowe at GBP366 million in total.

Mitie shares rose 2.0% to 140.20 pence each on Tuesday morning in London. Marlowe shares were up 0.7% at 442.00p.

By Tom Budszus, Alliance News slot editor

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